Perpetua Resources (NASDAQ:PPTA) Trading 9.6% Higher - Should You Buy?

Key Points

• Perpetua Resources shares rose 9.6%, reaching a trading price of $16.62, despite a 25% decline in average session volume.
• Equities analysts maintain a positive outlook with a consensus rating of "Buy" and a target price of $21.63, including HC Wainwright's price target of $27.50.
• Major shareholder Paulson & Co. Inc. increased their stake by 30.58%, acquiring over 7.5 million shares at $13.20 each.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) was up 9.6% on Monday . The company traded as high as $16.59 and last traded at $16.62. Approximately 1,280,974 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 1,704,439 shares. The stock had previously closed at $15.16.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Royal Bank Of Canada initiated coverage on shares of Perpetua Resources in a report on Friday, July 18th. They set an "outperform" rating and a $23.00 target price for the company. B. Riley restated a "buy" rating and issued a $17.00 target price (up from $16.00) on shares of Perpetua Resources in a report on Wednesday, June 18th. National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. Finally, HC Wainwright reissued a "buy" rating and issued a $27.50 price target on shares of Perpetua Resources in a research note on Tuesday, June 17th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $21.63.

Perpetua Resources Stock Down 2.2%

The business has a 50-day moving average price of $14.81 and a 200-day moving average price of $12.72. The firm has a market capitalization of $1.82 billion, a P/E ratio of -58.34 and a beta of -0.02.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). As a group, sell-side analysts forecast that Perpetua Resources Corp. will post -0.21 EPS for the current year.

Insider Buying and Selling at Perpetua Resources

In other Perpetua Resources news, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of Perpetua Resources stock in a transaction dated Monday, June 16th. The shares were acquired at an average cost of $13.20 per share, with a total value of $99,999,992.40. Following the acquisition, the insider directly owned 32,347,299 shares of the company's stock, valued at $426,984,346.80. The trade was a 30.58% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PPTA. Bank of Montreal Can raised its stake in shares of Perpetua Resources by 1.6% in the fourth quarter. Bank of Montreal Can now owns 67,594 shares of the company's stock worth $721,000 after acquiring an additional 1,054 shares during the last quarter. Corebridge Financial Inc. raised its position in Perpetua Resources by 7.8% in the 1st quarter. Corebridge Financial Inc. now owns 20,644 shares of the company's stock worth $221,000 after purchasing an additional 1,498 shares during the last quarter. AQR Capital Management LLC boosted its position in Perpetua Resources by 12.6% in the 1st quarter. AQR Capital Management LLC now owns 15,909 shares of the company's stock valued at $170,000 after buying an additional 1,780 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Perpetua Resources by 1.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 108,921 shares of the company's stock valued at $1,164,000 after buying an additional 1,835 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey raised its position in shares of Perpetua Resources by 24.1% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 9,610 shares of the company's stock worth $117,000 after acquiring an additional 1,868 shares during the last quarter. 70.07% of the stock is owned by institutional investors.

Perpetua Resources Company Profile

Perpetua Resources Corp. engages in the exploration and development of mineral properties in the United States. The company primarily explores for gold, silver, and antimony deposits. Its principal asset is the 100% owned Stibnite Gold project, which includes 1,672 unpatented lode claims, mill sites, and patented land holdings covering an area of approximately 11,548 hectares located in Valley County, Idaho.